Coverity achieves customer growth in Europe

Coverity today announced that the company successfully grew its European customer base by 300% in 2007.

Coverity also announced the company has accepted its first round of outside funding from Foundation Capital and Benchmark Capital.

Coverity will use this US-$22 Million round of investment for acquisitions, internal product development, and further expansion into international markets to help meet demand for Coverity Prevent.

The company’s expanded product portfolio will allow Coverity to establish a new presence in targeted segments of the market for Application Lifecycle Management tools. According to a 2007 Gartner report on Application Development and Project and Portfolio Management Software, the European market for these tools is forecast to grow to more than US-$2.9 billion in 2011.1